Increasingly complex actuarial reserving and capital models, demanding reporting requirements and deadlines and maintaining competitiveness in an uncertain operating and economic environment are just some of the challenges currently facing actuarial teams and (re)insurers.  

Against this backdrop, (re)insurers are trying to prepare for a new accounting standard, facing increasing regulatory scrutiny and dealing with the uncertainties related to COVID-19 and Brexit.  Remaining competitive in today’s environment, means that (re)insurers need to improve their processes where possible, whether it’s reducing steps or automating certain aspects, allowing more frequent reviews and deeper and quicker insights.

KPMG helps organisations face these challenges. We can help you deal with a range of insurance issues, including:

•  Development, refinement and automation of reserving and capital models and associated controls and processes using advanced analytic and visualisation techniques.  
• Analysing your business, risks and data using modern technologies, including: Network analytics for risk management (Dynamic Risk Assessment), claims fraud and portfolio management, Content analytics, Data engineering and platforms, Machine Learning and Artificial Intelligence solutions
• Capital management and optimisation in the current regulatory environment
• Implementation assistance and understanding the financial and operational impacts from changes to the insurance accounting standard (IFRS17)
• Assurance on a wide range of actuarial aspects including peer review of reserves, capital and Own Risk and Solvency Assessments (“ORSA) and Independent Actuary services
• Providing legislative and regulatory assistance, data analytics solutions, reserve reviews and pricing assistance support to  public and private sector healthcare bodies
• Support with acquisitions and divestitures
• Resource support

How KPMG can help

KPMG offers a full suite of actuarial services across life insurance, non-life insurance, health insurance, and pensions. Whether you require our life, non-life, or health expertise (which includes domestic and international insurance, and captive and reinsurance markets), or our pensions expertise (which includes the management and restructuring of defined benefit schemes and the set-up of new defined contribution schemes), we strive to continually provide clear, unambiguous, and independent advice, helping you prepare for the future in this period of great uncertainty.

To find out more about the work we do and how we can help you – get in touch today. We look forward to hearing from you.